If you live in Cardiff and are considering some inheritance tax planning, sometimes called estate planning then a sensible approach is to commit to paper all the property and valuables that you are considering passing on to your family, friends or acquaintances.
You might want consider some that some every day functional items such as a car or a caravan get added to the list and don’t forget that you should also include the lock-up garage you may own offsite or the dinghy stuck at the bottom of the garden Make sure you include everything including financial investments, shares and unusual investments such as wine or antiques.
It doesn’t matter which parts of Cardiff you live, if you live be it Whitchurch, Grangetown, Ely or Llanedyrn and if you own your own property in Cardiff you may not be far away from the inheritance tax threshold
Once you have this list in good plan is to get some inheritance tax advice before you write a will, all solicitors in Cardiff will help you compose a will or there are will writing services available. A quick search on the Internet in your area will find somebody and there are even forms available for download if you want to do it yourself. If you are at all unsure it is best to get some professional advice, it could be one of the best investments you could make for your beneficiaries.
The beneficiary of your inheritance does not have to be family your assets can be left to educational establishments such as Cardiff university or charitable institutions some pets occasionally become significant beneficiaries of an inheritance. As yet we have not found anyone to advise pets on inheritance tax though somehow we are sure the internet will come up with a facility at some point.